Commodities
Gold Soars Past $4400 Despite Rising Treasury Yields
The price of gold has risen to new highs despite increasing Treasury yields, which are typically bearish for gold.
A move above a key 5.00% level in 10-year Treasuries could trigger another sell-off in bond markets, potentially serving as a positive catalyst for gold instead.
The US dollar was mostly flat against a broad basket of currencies after the Bank of Japan's rate hike, and this did not have a significant impact on gold markets today.
Currently, gold is attempting to settle above $4400, which would allow it to move towards its next resistance at $4480-$4500. However, if it settles below $4300-$4320, it may head towards the support at $4160-$4180.